Point-of-sale service provider, Pine Labs recently announced that it has appointed Citrus Pay founder Amrish Rau as the company’s new Chief Executive Officer. The announcement comes soon after former CEO of Pine Labs, Vicky Bindra announced his resignation and Rau resigning from PayU India a month earlier.
Former CEO Bindra, who was heading Pine Labs since his appointment in May 2018, will now move back to San Francisco. He will continue to be an advisor to the company.
Prior to joining the company, Rau was working with PayU for three years as the CEO and the head of financial technology partnerships & investments for Naspers as well as PayU India’s fintech investments and partnerships.
Talking about his new role, Amrish said, “Pine Labs is an amazing platform which converges everything from everyday payments, to credit and gift cards. Deep domain knowledge and innovative product designs have helped Pine Labs lead the market. Using cloud technologies, Pine Labs wants to be all things commerce for merchants, help them save time and operate businesses efficiently. I feel excited to be part of the journey.”
Welcoming Amrish to the company, Pine Labs’ Executive Chairman Lokvir Kapoor said, “I am excited to welcome Amrish to the Pine Labs family. With Amrish’s ability to innovate, seek out options with channels and customers we believe Pine Labs can be a true global commerce platform. I also want to thank Vicky who set us firmly on an exciting high-growth journey. Vicky challenged us to explore new business areas and to build organizational structures and processes to support those.”
Pine Labs was founded in 1998 by Rajul Garg and Tarun Upadhaya. In 2014, the company pivoted a cloud-based unified point-of-sale platform. Lokvir Kapoor, a member of the founding team of Pine Labs is currently leading the company as an Executive Chairman. It claims to have a network of over 150K merchants across 3700 cities in India and Malaysia. Today, Pine Labs processes payments of $30 Bn per year and serves some 140K merchants across about 450K network points.
So far, Pine Labs has raised $310.8mn from investors such as Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital, and Sofina.
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